Data Security Specialist Bluefin Banks $25 Million in Growth Funding

Data Security Specialist Bluefin Banks $25 Million in Growth Funding

In a round led by Macquarie Capital Principal Finance, payment and data security technology company Bluefin has raised $25 million in new financing. With total capital now standing at more than $30 million, the company said the funding would “fuel” its product line, help drive growth internationally as well as within the U.S., and support “opportunistic acquisitions.”

In its statement, Bluefin put this week’s investment, and the growth opportunities for the company, in the context of changes taking place as a result of the global health crisis. Noting that the pandemic has increased reliance on mobile point of sale devices, Bluefin warns that this means the number of potential attack entry points for hackers and cybercriminals has also increased. With an estimated 27.7 million mobile POS devices in use by 2021, Bluefin argues that additional security to defend private data will be required for all businesses, regardless of their sales hardware preference.

“Bluefin is dedicated to remaining at the forefront of technology and solution development in the fight against breaches and cyberattacks,” Bluefin CEO John M. Perry said. “Our partnership with Macquarie will enable Bluefin to not only introduce more solutions to protect e-commerce, online and point-of-sale transactions, but also to make these solutions available globally through our extensive partner network and Bluefin’s products. We look forward to leveraging Macquarie’s deep financial and global expertise in this next phase of company growth.”

A specialist in securing Personally Identifiable Information (PII), Protected Health Information (PHI), as well as financial card data, Bluefin leverages PCI-validated point-to-point encryption (P2PE) and tokenization to safeguard information upon entry, in transit, and in storage. Bluefin’s technology enables secure payment acceptance for card present, e-commerce, and mobile transactions, and is available via its network of 130+ integrated partners or directly through the company.

“Bluefin has developed industry-leading data and payment protection technologies, which are crucial in the global climate of rising data breaches and cyberattacks against organizations of all sizes,” Macquarie Capital Principal Finance Managing Director Anand Subramanian said. “We are very pleased to partner with this innovative company to expand their cybersecurity product suite and fuel continued growth in the U.S. and internationally.”

An alum of our developers conference, FinDEVr Silicon Valley, Bluefin announced a partnership with CPA Site Solutions in September, enabling the accounting website provider to offer enhanced online billpay. In August, the company teamed up with electronic bill presentment and payment (EBPP) solutions provider Invoice Cloud.


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DriveWealth Brings Home $56.7 Million

DriveWealth Brings Home $56.7 Million

Brokerage infrastructure API provider DriveWealth brought in $56.7 million in Series C funding today. The investment is more than double the Series B round of $21 million the company received in 2018. Today’s investment brings the company’s total to $100.8 million.

The round saw participation from existing investors Point72 Ventures– which led the round– as well as Raptor Group, SBI Holdings, and Route 66 Ventures. New investors Mouro Capital and Fidelity International Strategic Ventures also participated.

DriveWealth will use the funds to strengthen its technology, make strategic acquisitions, and grow the organization to scale its business.

The New York-based company offers a suite of APIs that allows its partners to embed investment experiences of U.S. securities within their own apps. Among DriveWealth’s products are tools for advisors, fractional share investing, and purchase round-up investment capabilities.

“DriveWealth saw its partners open more accounts in 2Q than E*Trade, Schwab and TD Ameritrade combined, and 3Q saw a 33% increase over 2Q,” said DriveWealth Founder and CEO Bob Cortright. “This type of activity speaks to the power of making it simple for consumers to start investing immediately. The new funding from our great investors will only help us improve our technology capabilities to democratize investing.”

Since it was founded in 2012, DriveWealth has already scaled its business to serve a range of geographies and now reaches investors in 153 countries. The company has formed partnerships with firms on six continents, including Asia, where it collaborated with Singapore-based Bambu on the launch of a white-label roboadvisory platform for U.S. wealth managers; and Africa, where the company teamed up with Sigma Securities and Trove Technologies to launch a digital U.S. equities trading product for retail investors in Nigeria.

Among DriveWealth’s clients are Hatch, Revolut, Stake, and Moneylion. The company recently partnered with Access Softek to help community banks and credit unions offer their members access to investing tools.


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StreetShares Lands $10 Million in New Funding to Bring Financing to SMEs

StreetShares Lands $10 Million in New Funding to Bring Financing to SMEs

In a venture round featuring Motley Fool Ventures and Ally Ventures – the strategic investment arm of Ally Financial – as well as individual angel investors, Streetshares has secured $10 million in new funding. The company said that it will use the capital, which takes the company’s total to more than $279 million, to drive future product development with an eye on serving small businesses in the post-PPP market.

“We’re seeing exciting digital adoption by banks and credit unions in response to COVID-19,” said StreetShares CEO Mark L. Rockefeller. “But equally important to us is the practical impact our technology is having in helping their customers, especially underserved business owners, get the funding they need to succeed.”

Founded in 2013 and launched a year later as an affordable digital lending alternative for veteran-owned small businesses, StreetShares unveiled its lending-as-a-service platform last year at our annual fintech conference FinovateFall. The platform enables banks to lend up to $250,000 to SMEs, and features a digital loan application, instant underwriting, loan servicing, and tracking. The company’s offering came in handy this year when the coronavirus struck and businesses across the country were shut down and starving for financial assistance. StreetShares’ technology was leveraged widely by community lenders in order to make Paycheck Protection Program funds available to SMEs.

As such, so far this year, a total of 53 financial institutions currently use the StreetShares platform. The company said that it is now expanding its platform into a suite of small business banking solutions that will be especially helpful for community banks, credit unions, and their small business clients as digital transformation initiatives continue in the wake of COVID-19.

“We’re seeing years of digital adoption by banks condensed into weeks,” said Ollen Douglass, Managing Director of Motley Fool Ventures. “Beginning with PPP, and now on to a full-suite of products, we believe StreetShares is positioned perfectly to power banks in their digital transformations.”

StreetShares is headquartered in Reston, Virginia. Read our profile of the company from last summer as StreetShares was stepping up to help bring needed financing to SMEs at the onset of the COVID-19 crisis.

Unblu Teams Up with Celero, LUKB to Boost Digital Customer Engagement

Unblu Teams Up with Celero, LUKB to Boost Digital Customer Engagement

A pair of partnerships this month have helped Unblu bring its digital conversational platform to a larger number of financial services customers. The company announced at the beginning of the month that digital technology solutions provider Celero will use Unblu’s conversational platform to enable its credit union customers to leverage digital channels to better engage with their members. The integration adds to Celero’s digital banking platform, Celero Xpress, which is powered by another Finovate alum, ebankIT.

“Our new digital platform offers credit union members an intuitive, engaging and secure digital banking experience,” Celero General Manager for Digital Banking Dean Rathwell explained. “By integrating Unblu, our clients can ensure these digital experiences also deliver a personal connection, which is core to the credit union difference.”

Set to launch later this year, the enhanced Celero Xpress platform will provide must-have communication functionalities such as live and video chat, as well as messaging and collaborative co-browsing. The platform is connected to Celero’s digital ecosystem, Celero Xchange, which leverages modern APIs to enable institutions to integrate their own or third party applications. Headquartered in Calgary, Alberta, Canada, Celero was founded in 2003 and counts more than 110 credit unions and financial institutions in Canada as its customers.

Unblu’s partnership with Celero came just a week after it announced that it had teamed up with Luzerner Kantonalbank (LUKB), the leading retailing banking group in the Swiss canton of Lucerne with more than $46 billion (CHF 42 billion) in assets as of 2019. LUKB has begun a pilot project to test an online customer advice feature powered by Unblu’s conversational platform. The feature uses a hybrid approach, with customers engaging with a live LUKB agent who works in tandem with the customer by way of Unblu’s screen sharing technology.

“With this new online function, LUKB’s advisors can make the documents on their screens visible on their customers’ devices. That way, the documents or online applications can be clearly explained in a conversation,” LUKB Head of Digitization and Multichannel Management Stefan Lüthy said. He added that while the new solution will save customers a trip to the branch, it is not intended to replace in-person meetings and consultations.

Headquartered in Basel, Switzerland, Unblu made its most recent Finovate appearance at our European conference in Berlin earlier this year. Unblu was founded in 2012. Luc Haldimann is CEO.


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Thought Machine to Power Credit Product for Curve

Thought Machine to Power Credit Product for Curve

Cloud banking technology provider Thought Machine has been tapped by U.K.-based Curve to power its new buy now, pay later (BNPL) offering that allows customers to pay for purchases in installments.

The new product, Curve Credit, allows users to spread their payments over three, six, or nine month periods. Thanks to Thought Machine’s core platform and Curve’s Go Back in Time technology, credit can be applied both retrospectively and prospectively.

The retroactive payment functionality will rely on the smart contracts product-building system in Vault, Thought Machine’s cloud native core banking engine.

“Thought Machine is the only technology that allows us to deliver the flexibility and manageability we desired for our customers,” said Head of Curve Credit Paul Harrald. “Curve Credit’s ethos is about responsible lending and responsible borrowing. Alongside Curve OS, this three-way dynamic will be able to give each customer the clearest possible terms via a simple and beautiful product and experience.”

Founded in 2014, Thought Machine provides core banking technology for tier one banks, neobanks, and fintechs across the globe. The company counts Lloyds Banking Group, Standard Chartered, Atom bank, Monese, and SEB among its clients. Thought Machine’s funding total was boosted to more than $148 million in July of this year after the company closed a $42 million round.

Curve, which landed a partnership with Samsung Pay in August, enables users to consolidate all of their cards onto a single smart payment card. The company was founded in 2015 and has raised just over $74 million.


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NYMBUS Helps PeoplesBank Launch Digital-First ZYNLO

NYMBUS Helps PeoplesBank Launch Digital-First ZYNLO

Two of the biggest phenomena in fintech worldwide: the rise of open banking and the growth of digital-first (and digital-only) banking, continue to make an impact on fintech as well. One example of that is today’s news that NYMBUS has partnered with PeoplesBank to help the Massachusetts-area financial institution launch its digital-only extension, ZYNLO.

“Only NYMBUS provided us a comprehensive strategy to quickly introduce a new digital-only effort,” PeoplesBank Brian Canina, Chief Financial Officer said. “Backed by and running in parallel to our established institution with 135 years of experience in creating satisfied customers, ZYNLO delivers the ideal combination of digital banking convenience and security that today’s consumers depend on.”

PeoplesBank’s new offering is a no-fee savings account that includes features like Zyng, a round-up savings benefit that rounds up debit card purchases to the nearest dollar and adds the difference to the customer’s ZYNLO account. The company is currently offering a 100% round-up match for the first 100 days, with a 10% match on debit card transactions afterwards. ZYNLO also offers Early PayDay and daily balance and payment alerts, and all deposits are insured via FDIC and DIF.

Today’s news represents an extension of the partnership between the two companies. At the beginning of the year, PeoplesBank announced that it would deploy NYMBUS’ SmartMarketing and SmartOnboarding platform to boost revenue growth and enhance customer engagement. With more than $3 billion in assets under management PeoplesBank is the largest community bank in Western Massachusetts, with 20 banking centers in Massachusetts and Connecticut.

Founded in 1885 and headquartered in Holyoke, Massachusetts, PeoplesBank recently announced that its latest new branch in South Hadley will feature VideoBanker ITMs, a combination of an ATM and a virtual teller that Canina said mitigates the need for drive-up teller windows. The innovation became a necessity when the municipality issued a zoning restriction that required the new branch building to be located closer to the street, making a traditional drive-up window problematic.

Most recently demonstrating its SmartLaunch digital banking solution at FinovateFall last year, NYMBUS has since inked partnerships to deploy the technology with Centier Bank, BankMD, and Pacific National Bank. Over the summer, NYMBUS secured $12 million in growth funding, taking the company’s total capital to more than $45 million. That same month, NYMBUS added Jim Modak as President and Chief Financial Officer.

In September, the company named former Kony DBX DVP and General Manager Jeffery Kendall as CEO. Kendall replaced former CEO and company founder Scott Killoh, who will continue with NYMBUS as executive chairman of the company’s board of directors.


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Square Buys Bitcoin; Coinbase and the Call for “Mission-Focus”

Square Buys Bitcoin;  Coinbase and the Call for “Mission-Focus”

When we asked a dozen-odd fintech founders and CEOs what they thought was a bigger deal: AI or Bitcoin, during our FinovateFall 25 in 5 Q&A series, the number of respondents more excited by the former than the latter was sizable. But bitcoin fans made their preference known, suggesting that the brightest days for cryptocurrencies were definitely still ahead of us.

We suspect those bitcoin bulls were buoyed by this week’s news that digital payments company Square has invested $50 million in bitcoin. The approximately 4,709 bitcoins purchased by the San Francisco, California-based company represent a fraction of Square’s total assets – around one percent, as of the end of Q2 2020 – but it is not the first time the company has expressed interest in the cryptocurrency. Via its Cash App, Square has offered bitcoin trading since 2018, and a year later, the company launched Square Crypto, a unit dedicated to supporting open source work on bitcoin. But this week’s investment marks the firm’s first financial investment in BTC.

Square CFO Amrita Ahuja explained the investment in part by expressing optimism about bitcoin’s adoption worldwide, saying that it has “the potential to be a more ubiquitous currency in the future.” Ahuja added that Square anticipated participating in the adoption of bitcoin “in a disciplined way.”

It is likely worth noting that Square founder and CEO Jack Dorsey is a big supporter of bitcoin. In 2018, Dorsey said he believed bitcoin – or a similar cryptocurrency – would become the world’s single currency at some point in the not-too-distant future. CNBC’s coverage of Square’s investment noted that other tech-savvy fintechs, such as Chamath Palihapitiya’s Social Capital use cryptocurrencies like bitcoin as a hedge.


As the Black Lives Matter-inspired social justice movement swept through the Western world this summer, corporations went into overdrive with efforts to show their support for ending racial discrimination. Many of these initiatives were outwardly directed toward potential customers, potential future employees, investors, the media, the public at large … But many of these attempts to show support were more inwardly directed, with companies encouraging their own workers to make their concerns with regard to social justice issues known – even, if not especially, in the workplace.

Unique among this trend was Coinbase, whose CEO Brian Armstrong not only took a different tack to politics in the workplace, but also put the company’s money behind its Keep Your Politics to Yourself policy. Armstrong made headlines weeks ago when he wrote in a blog post that, because Coinbase was a “mission-focused” company, “We don’t engage here when issues are unrelated to our core mission, because we believe impact only comes with focus.” Moreover, he added that if employees disagreed with Coinbase’s policy of leaving politics at the front door, he was happy to offer them a relatively generous severance (including up to six months of pay depending on tenure) if they decided to leave.

“Life’s too short to work at a company that you are not excited about,” Armstrong wrote, requesting his employees decide whether to stay or go by the end of September. And with Armstrong’s Wednesday deadline come and gone, it appears that 60 workers, approximately 5% of the Coinbase’s workforce, have taken the deal.

The move has been controversial, with others in the technology community – including Jack Dorsey of Square and Twitter – suggesting that a healthier environment could be achieved if companies like Coinbase embraced the challenge of these kind of conversations. But, at this point, Armstrong seems at a minimum happy that the policy did not result in what would have easily been the worst possible outcome. “I’ve heard a concern from some of your that this clarification would disproportionately impact our under-represented minority population at Coinbase,” Armstrong wrote in a follow-up blog post. “It was reassuring to see that people from under-represented groups at Coinbase have not taken the exit package in numbers disproportionate to the overall population.”

It will be worth watching to see if other companies – in or out of tech – take a similar strategy.


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NYMBUS Names New CEO Jeffery Kendall

NYMBUS Names New CEO Jeffery Kendall

Big changes at the top continue for banking technology provider NYMBUS. The company announced on Monday that former Kony DBX EVP and General Manager Jeffery Kendall will take the helm as the NYMBUS’ new CEO. Effective October 1, Kendall will succeed Scott Killoh, who founded the company in 2015. Killoh will remain with the company as Executive Chairman of the Board.

In the company’s announcement of the news, Killoh praised Kendall’s “strong domain and go-to-market expertise” which he said comes at a “critical time” when financial institutions and financial services companies are rapidly attempting to digitize their backend and customer-facing operations. During his tenure at Kony DBX, Kendall was credited for growing the firm’s digital banking division by 5x in less than three years. Kony DBX was acquired by Temenos for $520 million a little over a year ago.

As CEO of NYMBUS, Kendall will be tasked with continuing the company’s success in helping financial institutions make their digital transformations. “In record time, NYMBUS has already delivered over 25 successful customer deployments,” Kendall said in a statement. “This is a powerful validation of the efficacy of our robust software and solutions, and the trajectory for continued success and growth by remaining focused on serving our clients, creating significant value for our shareholders, and providing exceptional opportunities for our employees.”

The Kendall hire is the second big C-suite move from NYMBUS in recent months. In June, the company tapped Jim Modak as its new President and Chief Financial Officer. Modak previously served as CFO at Tradex Technologies (sold to Ariba in 2000) and as both Chief Operating Officer and CFO at enterprise software provider DWL (sold to IBM in 2005). He is also a 12-year veteran of KPMG.

NYMBUS demonstrated its full-service, standalone, digital banking alternative, SmartLaunch, last year at FinovateFall in New York. The technology won the 2020 Best Solution for Customer Experience at the FinXTech Awards this spring. In what has been a busy year for the Miami Beach-based company, NYMBUS has inked partnerships with PeoplesBank, Transpecos Banks, fellow Finovate alum NCR, Pacific National Bank, and Payrailz.

Securing $12 million in growth funding in June, NYMBUS has raised a total of $45.4 million from investors including Vensure Enterprises, Insight Partners, and Home Credit Group.


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Blend Expands with More Consumer Banking Tools

Blend Expands with More Consumer Banking Tools

Digital lending platform Blend announced this week it is moving beyond the realm of mortgagetech, broadening its focus to a wider array of consumer banking tools.

The San Francisco-based company now offers a new set of configuration capabilities that help banks dynamically respond to changing consumer needs by going to market faster with new products. New capabilities include out-of-the-box offerings for credit cards, personal loans, auto and specialty vehicle loans, home equity, and deposit accounts. Three of those products– personal loans, credit cards, and specialty vehicles– are new for Blend.

This news comes shortly after the company closed a $75 million round of funding, boosting its valuation to $1.7 billion.

“We want to enable banks and financial institutions to be there as trusted advisors for every financial milestone and to keep up with constantly changing consumer expectations and market dynamics. Blend will help lenders deliver the right product at the right time and with no friction,” said Nima Ghamsari, co-founder and CEO of Blend. “With our unified platform, our partners are able to accelerate digital innovation across every line of business.”

Blend’s no-code platform provides banks with a component library, product templates, no-code drag-and-drop workflows, integrated data services, and control over design elements. The added capabilities will help banks meet the needs of their consumers– from opening a new account to applying for a loan.

The out-of-the-box nature of Blend’s products was key for M&T Bank, which needed a quick-to-market solution for the SBA’s Paycheck Protection Program. “We needed to help them process more loans in a few hours… than we had done in a full year,” said Chris Kay, executive vice president of Consumer Banking, Business Banking and Marketing. “By partnering with Blend, we were able to move quickly and be there for our customers when they needed it the most — spinning up a new digital product to process these loans in just 72 hours. Thanks in large part to Blend’s platform, 100 percent of our customers were able to receive the essential funds that could help their businesses survive.”

Blend’s Digital Lending Platform is used by M&T Bank, Wells Fargo, U.S. Bank, and 250+ other financial services companies. Founded in 2012, the company helps these banks process more than $3.5 billion in mortgages and consumer loans each day.


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Envestnet |Yodlee Forges Data Exchange Agreement with Wells Fargo

Envestnet |Yodlee Forges Data Exchange Agreement with Wells Fargo

Is this another instance of open banking, American-style?

One of the major topics of discussion at FinovateFall Digital last week was how the open banking phenomenon that is sweeping the globe will manifest itself in the U.S. The consensus was that open banking will not be driven by regulations in the U.S. as it is in many parts of the world. Instead, the ability of U.S. consumers to access third-party financial solutions via their primary banking partner more likely will be driven by consumers themselves. Another key driver will be companies looking to distinguish themselves from rivals by providing better, more diverse solutions from which to choose.

This is very much top of mind as we receive the news that Wells Fargo has entered a data exchange agreement with major financial data aggregation and analytics platform Envestnet | Yodlee. The partnership will enable the bank’s customers to seamlessly and securely share their data with the 1,400 third-party financial apps available on the Envestment | Yodlee Financial Data Aggregation Platform.

The agreement is also a large step for APIs (another major theme at FinovateFall Digital last week). Wells Fargo announced that it will also transition virtually all of its current third-party financial app screen-scraping to API-based data exchange, and added that the partnership with Envestnet | Yodlee represented the bank’s commitment to forge more API-based data exchange agreements with third-parties going forward.

“As we help customers navigate these uncertain times, we want to enable them to seamlessly connect with and use third-party apps that help them manage their finances and do so in as secure a way as possible,” Wells Fargo Strategy, Digital, and Innovation Group SVP Ben Soccorsy said. “Wells Fargo’s agreement with Envestnet | Yodlee does just that. In the future, our customers will be able to share their financial information with Envestnet | Yodlee-supported apps with enhanced ease, security, and control.”

Wells Fargo customers will be able to access third-party services via the bank’s Control Tower digital experience, which sits inside Wells Fargo’s banking app and is also available online. Control Tower enables both consumer and small business banking customers to manage their finances more efficiently, providing a single, unified view of their accounts with Wells Fargo. Importantly, customers will not only be able to turn the data sharing option on and off, they also will be able to designate the specific data they wish to share with third parties.

“API-based connectivity in the United States is leading to an increasingly connected financial ecosystem, spearheaded by the partnerships like the one we now have with Wells Fargo,” SVP of Data Access & Management at Envestnet | Yodlee Chad A. Wiechers said.

With more than 27 million users around the world, Envestnet | Yodlee demonstrated its Insight Solutions at FinovateFall Digital last week. The new offering enables financial services providers to build and scale hyper-personalized financial wellness experiences for their customers. Long-time Finovate alum Yodlee was acquired by Envestnet five years ago for $660 million. Envestnet was founded in 1999 and is headquartered in Redwood City, California.


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Moxtra and Subaio Earn Spots in Plug and Play’s Fintech Europe Program

Moxtra and Subaio Earn Spots in Plug and Play’s Fintech Europe Program

A pair of recent Finovate alums have made the cut for the Fintech Europe Innovation Program sponsored by Plug and Play. Moxtra, most recently appearing on the Finovate stage in 2017, and Subaio, which made its Finovate debut earlier this year at FinovateEurope in Berlin, will join six other startups in the program’s sixth cohort since it was launched two years ago.

“Even though COVID-19 has brought uncertainty to the market, it has also given way to a wide range of opportunities,” Program Director of Plug and Play’s Fintech Europe program Fernando Zornig said. “Embracing innovation in finance is now more important than ever. We are seeing a lot of changes in Europe and I am confident that these solutions will help our corporate partners adapt to these changes faster.”

Companies participating in the program will engage with Plug and Play’s 13-member, financial institution partner community, which includes Deutsche Bank, BNP Paribas, and Raiffeisen Bank International. The startups will have the opportunity to pursue pilot projects as well as investment opportunities. Joining Moxtra and Subaio at the Frankfurt, Germany-based program are:

  • ABAKA
  • CARTO
  • Delio
  • Envio Systems
  • SESAMm
  • Vizolution

Headquartered in Cupertino, California, Moxtra offers a OneStop Customer Portal that gives businesses a “digital branch” through which they can engage and collaborate with customers. Moxtra’s solution provides an all-in-one suite of services including secure chat and video meetings, document collaboration and task management, video conferencing and transactions, and more. This spring, the company was named to Fintech Global’s second annual Wealthech 100 roster.

Subaio provides a white-label, subscription management platform that enables users to get a complete overview of their existing subscriptions. The technology makes it easy for users to cancel subscriptions they no longer want and keep track of any changes in the subscription services they wish to keep. Headquartered in Denmark and founded in 2016, Subaio has a number of live bank integrations of its solution, including a just-announced partnership with ABN Amro.

Founded in 2006 and headquartered in Silicon Valley, California, Plug and Play is a worldwide innovation platform that offers accelerator programs, corporate innovation services, and its own in-house venture capital team. More than 30,000 startups have benefitted from Plug and Play’s resources and support, with companies in its ecosystem raising $9+ billion in funding to date.


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Unifying Financial Planning with Path-to-Purchase, Inspirave Introduces SaveAway

Unifying Financial Planning with Path-to-Purchase, Inspirave Introduces SaveAway

“Buy Now Pay Later” may be the e-commerce rage du jour. But if you check in with the team from Inspirave, then you’ll hear about a better way for consumers to spend and save. The New York based company – which we profiled last fall – unveiled its SaveAway platform this week, enabling consumers to benefit from its unique blend of “financial planning with the path-to-purchase.”

“There has never been a better time to see Inspirave’s economically sustainable blueprint, propelled by greater purchasing power, striking such an inimitably strong chord with our growing community of SaveAway users and partners who recognize that what inspires our new-to-market innovations enabling greater financial wellness and social mobility is our steadfast mission to further human potential and prosperity for all,” Inspirave founder and CEO Om Kundu said in a statement.

SaveAway’s unification of micro-saving and social commerce offers consumers a way to save for the things they really value and avoid purchasing these same items with credit and accumulating unnecessary debt in the process. Aided by the insights, advice – and even material support – of friends and family, consumers using the SaveAway platform can leverage the collective wisdom of those who know them best and care about them the most to help them make financial decisions that are as responsible as they are affordable.

Miguel Sanchez and Philip Shearer, co-founders of diversity-focused accelerator MetaBronx, praised both the Inspirave’s innovation and its approach to spending and saving. “What made the SaveAway platform stand out in the top six companies chosen in 2020 derived from the breakthroughs in Inspirave’s patented technology as much as its novel operating model, pointing to the massive impact SaveAway is moving forward to uniquely deliver,” they said.

The company noted in its statement that those who signed up for Early Access to the SaveAway platform are eligible for a variety of bonuses, including referral credits and entry into a sweepstakes for a $1,000 contribution toward the winner’s SaveAway purchase-goal to be paid by the company. More than 12,000 people have signed up for Early Access to date.

Named a a Top Fintech Forward Company to Watch by American Banker and BAI, and A Finovate alum since 2016, Inspirave is headquartered in New York City.


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